// Dr Martens bosses confirm it will launch float on London Stock Exchange on February 3
// It is targeting a 370p-per-share offer price
// This implies a valuation of £3.7bn
Bosses at Dr Martens hope the footwear company will be worth a little under £4 billion when it lists on the London Stock Exchange in London for the first time next week.
The footwear brand and retailer said it would set a 370p-per-share offer price when it floats next Wednesday, February 3.
This will imply a valuation of £3.7 billion for the company, which is making 35 per cent of the business available to investors.
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“We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors,” chief executive Kenny Wilson said.
“The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead.
“We are proud to take our place as a London listed company, both delivering as a successful plc and, more importantly, continuing to grow our brand around the world.”
Bosses are hoping that the flotation will help it expand the famous footwear brand, taking it out of private hands.
It is currently owned by private equity firm Permira, which plans to retain a stake after the float.
Dr Martens boots are already sold in more than 60 countries, and customers buy around 11 million pairs every year and bosses see room for further expansion.
Announcing the growth plans a few weeks ago, Wilson said Dr Martens has “significant global growth potential”, and eyed the further investment that a stock market listing could bring.
However, he and his fellow executives will not be able to cash in straight away.
Dr Martens management, directors, employees and some former executives are not allowed to sell their shares for at least a year, while other stakeholders will be locked in for 180 days.
However, on the day, Permira will sell 350 million shares, netting it around £1.3 billion if it manages to hit the 370p share price.
“Dr Martens has always been an undisputed global icon, a brand like no other, inspiring deep engagement and passion in consumers from all walks of life for over six decades,” Permira partner Tara Alhadeff said.
“During the past seven years, the brand has been transformed in scale and professionalism, making Dr Martens one of the most successful single-brand businesses in the world.”
She added: “The strategy has always been to run this brand for the next six decades, which has meant making considerable investments in people and operations, as well as always putting consumers and the brand at the heart of the business.”